Sumitomo Life Insurance Co. Takes $2.21 Million Position in Agnico Eagle Mines Limited $AEM

Sumitomo Life Insurance Co. bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 14,255 shares of the mining company’s stock, valued at approximately $2,212,000.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after acquiring an additional 331 shares in the last quarter. AQR Capital Management LLC boosted its stake in Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after acquiring an additional 5,293 shares during the period. Sivia Capital Partners LLC grew its stake in Agnico Eagle Mines by 57.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after buying an additional 1,160 shares during the last quarter. Rhumbline Advisers grew its position in shares of Agnico Eagle Mines by 8.0% during the second quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock worth $215,000 after acquiring an additional 134 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Agnico Eagle Mines by 25.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock worth $110,000 after purchasing an additional 187 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a research note on Thursday, July 16th. Barclays decreased their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Citigroup dropped their price target on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. UBS Group lowered their price objective on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, Weiss Ratings downgraded Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $226.00.

Agnico Eagle Mines Trading Up 2.3%

Agnico Eagle Mines stock opened at $217.02 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The business’s 50-day simple moving average is $161.03 and its 200-day simple moving average is $186.71. The firm has a market capitalization of $110.01 billion, a PE ratio of 18.56, a PEG ratio of 2.64 and a beta of 0.60. Agnico Eagle Mines Limited has a 52 week low of $133.80 and a 52 week high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the previous year, the company earned $1.94 earnings per share. The company’s quarterly revenue was up 35.0% compared to the same quarter last year. Equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.